has sealed a deal with Citizens Advisers
to acquire "substantially all" of the latter's socially responsible mutual fund advisory business.
The transaction covers eight Citizens mutual funds, which collectively have more than $800 million in assets under management and are envisioned to be reorganized into new or existing Sentinel funds.
The reorganization is expected to take place in the first quarter of next year, pending approval of Citizens Funds shareholders.
In line with the proposed reorganization, Sentinel plans to launch two new SRI funds -- a large-cap fund called Sentinel Responsible Investing Core Opportunities Fund
and a mid-cap offering called Sentinel Responsible Investing Emerging Companies Fund
In a news release, Christian Thwaites
, president and chief executive of Sentinel Asset Management
, called the acquisition "a good fit and a natural a natural extension of our corporate growth strategy."
“We are very pleased that Citizens selected Sentinel Investments," Thwaites said.
“We are confident Sentinel Investments is the right organization to carry on our work in socially responsible investing," said Sophia Collier
, president and chief executive of Citizens Advisers.
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